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Owners who missed a mortgage payment at 17-year low


TALLAHASSEE, Fla. – Aug. 9, 2017 – When the time comes each month to pay the mortgage, homeowners in the Bradenton-Sarasota region are able to fulfill their obligation at a better rate compared to the majority of the state.

With housing prices continuing their climb toward pre-recession levels and the unemployment rate continuing to fall to near-historic lows, the number of delinquent mortgages in Manatee and Sarasota counties remains on the decline.

According to the latest Loan Performance Insights report from data provider CoreLogic, only 3.4 percent of mortgages in the two-county area were 30 or more days delinquent in May.

That's well below the Florida (5.2 percent) and national (4.5 percent) rates. Further, only four of the state's 22 regions in the CoreLogic report had better percentages: The Villages (1.3), Naples-Immokalee-Marco Island (2.7), Cape Coral-Fort Myers (3.0) and Punta Gorda (3.2).

By comparison, Orlando-Kissimmee-Sanford was at 5 percent, Tampa-St. Petersburg-Clearwater was at 5.3, Jacksonville was at 5.9 and Miami-Fort Lauderdale-West Palm Beach was at 6.2.

Still, every region in Florida saw a year-over-year decline, with Bradenton-Sarasota dropping from 4.4 percent in May 2016 and 3.6 percent in April 2017.

"Early-stage delinquencies are hovering around 17-year lows," CoreLogic chief economist Frank Nothaft said in the report.

"A prolonged period of relatively tight underwriting has driven delinquencies down to pre-crisis levels across many parts of the country," CoreLogic president and CEO Frank Martell said.

Meanwhile, the serious delinquency rate, representing loans that are 90 or more days late, was 1.8 percent in May in Manatee and Sarasota counties, down from 1.9 percent in April and 2.7 percent at the same point last year.

Statewide, that rate was 2.7 percent, declining from 3.9 percent a year earlier and 2.8 percent in April.

The foreclosure rate in the two-county region also remains on the decline – it was 0.9 percent in May, down from 1.3 percent a year earlier. Across Florida, it was 1.2 percent, a drop from 1.7 percent in May 2016.

"Strong employment growth and home price increases have contributed to improved mortgage performance," Nothaft said.

Across the nation, 4.5 percent of homeowners in May were at least one month behind on their mortgage, a year-over-year decline from 5.3 percent and a drop from 4.8 percent in April.

The nationwide foreclosure rate in May was 0.7 percent, down from 1.0 percent a year earlier.

Copyright © 2017 The Bradenton Herald (Bradenton, Fla.), Mike Garbett. Distributed by Tribune Content Agency, LLC.


Related Topics: Foreclosures